Accounting assignment help

250 Words

Accounting is the field of commerce which deals with the measurement, and communications of the financial statements about the entities that are related to the economic area. This is more prevalent in the organization or corporations as they involve the exchange as well as transfer of finances. The basic concept of accounting is often termed as the “language of business”. The person who practices the acts of accountings is termed as the accountant. Very often accounting is also called as accountancy. This is an extremely bright field of commerce and most of the universities these days also offer courses in this subject. A lot of students opt for accounting as their subject and as a result, they are assigned different accounting research problems. Not all student understand the basic concept of accounting and hence, they find difficulty in finding answers to accounting problems, this is the reason why the look for help with accounting homework. Students often look for different online accounting help websites. NeedAssignmentHelp is the best kind of online help providing website and provides with the most authentic accounting assignment help.

Key concepts of accounting

Accounting is an extensively used discipline and without accounting, the normal financial transactions wouldn’t be successful. There are a lot of different disciplines of accounting which altogether consists of some of the very essentials key concepts of accounting. In this section of this excerpt, we shall be discussing about some of the important key concepts of accounting.

The accounting period concept – basically, it is that period of time during which the financial books are generally balanced and the financial statements are prepared. This period normally is of 12 months.

Accrual – another very important and basic concept of accounting is the accrual, it is basically the accumulation of the interest amount or the different kinds of investments over some specified period of time.

The matching concept in accounting – this is again a part of the accrual accounting. According to the matching principle of accounting states that regardless of the time of the transfer of cash, all the expenses must be recorded only during the period when they are acquired.

Unit of account – every discipline consists of a unit which is specific to it only, likewise, the unit of accounting or accountancy according to the economic perspective is basically a nominal monetary unit of currency. The unit is employed in order to represent the exact cost of the item.

Dual concept in accounting

The dual concept in accounting states that the recognition of all the aspects of accounting transaction must be recognized. The dual concept is the main and the basic concept behind the double entry accounting system which is quite prevalent in the accountancy. Basically, the reason behind this system is that in a single entry system the recognition is given only to one of the aspect of the transaction and hence, the single entry system has been replaced by the double entry system. It is in because of the dual concept, that the double entry system was initiated in the era of accountancy. The two main transactions that get recognition under the dual entry system are debit and credit transaction. Every transaction undergoes double entry for the purpose of both credit as well as the debit operation. In the simplest terms of accountancy and commerce, debit is the amount of transaction that comes in and credit is the part of the transaction that goes out. Hence, the dual concept in accounting is extremely essential and hence, it ensures that every aspect of the transaction gets recognition and gets accounted too.

Advantages of accounting

With the help of accounting, we are able to evaluate the net profit or loss of any transaction and hence, it helps in keeping a track and analyze the resulting condition of the transaction.

Accounting is an orderly arrangement of transactions and hence, it helps in keeping a record of all the transactions that ever took place in the company or the organization and hence, it is beneficial for future uses.

With the help of accounting a proper track of the income tax that is paid or is to be paid and hence, it ensures a fair means of business.

Disadvantages of accounting

It does not deal with the qualitative aspect of any transaction and focuses entirely on the quantitative aspect. It completely ignores the non-monetary activities such as the quality of the products and services.

Accounting fails to provide an insight of the amount of cash released by a firm through the sale of any good or asset. It only maintains a balance sheet of the transactions of products and services.

Accounting fails to provide insight of the effect of alternation of the price changes and hence, it leads to undervaluation of many assets.

The money measurement concept in accounting

The money measurement concept is one of the most important key concepts of accounting. It basically states that each and every event that is recorded in accounting is essentially measured in the terms of money. By money, it means in terms of the monetary unit or the currency of any particular area. The major drawback of the money measurement concept in accounting is that it fails to express any fact or happening which is not in terms of money. And hence, it is thought to be unacceptable to record any such kind of items that are unquantifiable things. Such things that cannot be recorded may be the skills of an employee, quality of service availed.In accordance with the history of the cost accounting, the basic principle which lead to the discovery of money measurement concept is the “The measuring unit principle”. In accounting the unit for measurement happens to be the money unit.

Different types of accounting assignment help

Accounting is a vast discipline which possesses a number of sub-disciplines. Below mentioned are some of the most important types of accounting.

Tax accounting - this type of accounting is employed in order to keep a track of the tax paid by the individuals and the organizations.

Managerial accounting - it deals with the capital management, cost accounting, inventory control and the budgeting control aspects of the accounting.

Financial accounting -this type of accounting deals with the financial statements of the accounting and is often considered to be the real accounting.

Cost accounting - the cost of the sales and the products or services are covered under this particular discipline of accounting.

Governmental accounting - this type of accounting accounts for transaction in the public sector. It is often termed as the federal or the public accounting.

Problems faced by students in accounting

Accounting is a very vast discipline and includes in itself a number of different concepts and different principles of accounting. According to an observation, this particular subject gets boring at times and the student may lose interest in it for some instances. Hence, they might find it difficult to do the assignments or to work on different accounting research topics. Hence, most of the students look for online accounting help websites, there are a lot of accounting help websites present on the web. But, NeedAssignmentHelp is considered to be the finest of them all.

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